Disclosed is a hardfacing alloy capable of withstanding service abrasion of the order of silicious earth particles and weldable on industrial products, such as tool joints and stabilizers used in oil and gas well drilling, and other industrial products. The hardfacing alloy has a low coefficient of friction resulting from excellent metal to metal resistance and significant reduction in industrial wear on industrial products, such as casing wear. Other embodiments of the invention include tool joints having the hardbanding alloy welded to the outer cylindrical surface to its box and pin members and to stabilizer ribs on the stabilizer used in earth boring, such as boring for oil and gas, other industrial products, and methods of applying the hardfacing alloy to their surfaces. The hardfacing alloy does not require any post weld treatment, has primary borides in its microstructure, the carbons in the alloy are tied up in the formation of secondary carbides which add to the abrasion resistance, and have a quadratic crystallographic structure and a hardness of about 1725 Hv comparable to the prior art hardness of the chromium carbide primary carbide alloys of the prior art but is substantially less brittle than C--Cr--Fe hardfacing alloys.